The Hindu Business Line : Saturday, January 28, 2006

Gati plans pref offer to overseas body — Board clears $20-m offering
THE board of directors of Gati Ltd, the Hyderabad-based logistics player, on Friday approved a resolution to issue 16 lakh equity shares to Infrastructure Fund of India Ltd, an overseas body corporate managed by AMP Capital Investors. AMP ... More

OVERSEAS BORROWINGS

Subex Systems to raise $10 m through GDRs
SUBEX Systems Ltd announced a $10 million resource raise through issuance of global depository receipts for funding acquisitions. The company will be acquiring "suitable" companies that operate in the same space. Speaking to Business ... More

ACCOUNTANCY

Now, chartered accountants can prefix `CA' to their name
THE Institute of Chartered Accountants of India (ICAI) seems to have taken the first step in creating a brand image for the profession. The Central Council of ICAI has taken a decision to prefix `CA' to the name of the professional, as in the ... More

ENVIRONMENT

PCB serves notice on TTP
THE Kerala State Pollution Control Board has served a show cause notice on Travancore Titanium Products Ltd (TTP), leading manufacturer of anatase grade titanium dioxide in the country, over installation of effluent treatment and disposal ... More

IPR

Novartis patent for cancer drug rejected: Will it open up window of opportunity for generics?
At least not for now, says Mr Y.K. Sapru of the Cancer Patients Aid Association (CPAA), reacting to the Indian Patent Office's decision to refuse Novartis a patent on anti-cancer drug Gleevec (imatinib mesylate). The association has been ... More

MERGERS & ACQUISITIONS

Mittal Steel launches bid for Arcelor — $ 22.7-b offer aimed at creating `European consolidation'
THE Kolkata-born global steel baron Mr L.N. Mittal has launched a Euro 18.6-billion ($22.7 billion) takeover bid for Arcelor, the world's second largest steel producer. NYSE and Euronext Amsterdam listed Mittal Steel NV, the largest steel ... More

Arcelor takeover: Matter of pride, says SAIL Chairman
NEW DELHI: It is quite a happy thing, mainly for two reasons, according to the SAIL Chairman, Mr. V.S. Jain. First, it is a matter of pride that an Indian has reached this height to control such a leading share of interest in global ... More

Marico to buy Nihar brand from HLL
MARICO Ltd said that it has reached an agreement with Hindustan Lever Ltd (HLL) to buy the brand Nihar. It did not disclose the financial details of the deal. HLL has been scouting for a buyer for its brand Nihar, which has a current annualised ... More

KRL shareholders okay merger with BPCL
THE majority of the shareholders of Kochi Refineries Ltd (KRL) who had participated in the voting at the EGM held on January 21 approved the scheme of amalgamation of the Kerala-based public sector oil refinery with BPCL. Mr Justice (Retd) ... More

McDowell, Phipson reject acquisition price for Herbertsons shares
ABOUT nine lakh Herbertsons Ltd shares may have to be returned to shareholders after McDowell & Co Ltd and Phipson Distillery Ltd rejected the discovered price today. According to a BSE notification, the acquiring company (Kingfisher Radio) ... More

Apollo Tyres in talks to buy Dunlop Zimbabwe?
HAS Apollo Tyres Ltd set its sights on the ailing Dunlop Zimbabwe? The news was first published in a South African paper Financial Gazette on January 18. When contacted Apollo Tyres neither confirmed nor denied the news. "We always talk ... More

NEW PROJECTS

Visaka plans Rs 100-cr cotton spinning plant — Eyes Rs 700-cr turnover by 2010
VISAKA Industries Ltd (VIL), the Hyderabad-based cement asbestos products and yarn manufacturer, has decided to set up a modern cotton spinning plant near Hyderabad with an investment of around Rs 100 crore. Addressing newspersons to announce ... More

Universal Cables plans expansion
M.P. Birla Group company's Universal Cables Ltd has embarked upon a Rs 60-crore expansion-cum-technology upgradation project that is expected to be fully implemented by 2006-07. According to a press release issued by the company, the project ... More

Shree Renuka leases sugar unit
MUMBAI: Shree Renuka Sugars Ltd has informed BSE that the company has taken on lease a sugar manufacturing unit, of the capacity of 1,250 tonnes crushed per day, of Alland Sahakari Sakkare Karkhane (Gulbarga) in Karnataka, for a period of ... More

ALLIANCES & JOINT VENTURES

Jaiprakash Associates forms mining venture in Madhya Pradesh
JAIPRAKASH Associates Ltd (JAL) has formed a joint mining venture with Madhya Pradesh State Mining Corporation to explore a coal block estimated to have 70 million tonnes of extractable coal reserves. The joint venture company, called Madhya ... More

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